Episode 2223： You're About To Lose A Decade Of Your Financial Future; The Biden Regime Has Turned Our Country Has Become A Business Model That Does Not Work
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Summary
Inflation has hit a decade low of 2% and is on track to hit 3% in 2020. What does this mean for the economy and what will it mean for our economy in the long-term? We talk about why this is happening and why we should be worried about it.
Transcript
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here. Let's go. Let's imagine this is six months from now. And we look back on the September
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inflation report and said, darn, if only we'd seen X in here, we would have known inflation
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is going to come down quickly. And this is the same mistake the Fed made. Is there some
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argument to be made? Because you do have people, as Andrew mentioned, like Barry Sterling coming
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forward, Jeremy Siegel coming forward and saying, you idiots, you're missing the big story. Neela,
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are we missing the big story of inflation coming down? I remain completely open to being
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completely reversed on my thinking. I just can't see it in the data yet, but maybe you can help me.
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The big story, Steve, unfortunately, in my view, is not optimistic that we're missing a sea of
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derivatives out there that have all these similar adjustments and tweaks that need to be made
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almost on a daily basis. And I see that we haven't heard or seen any major explosions,
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but they're out there. See, the point here is, is that all these structural issues that we are
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discussing, they're real and they have to correct. And just take housing, for example. Why do we have
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supply at a decade low? Well, probably because of the 07, 08, 09 credit crisis. And why was that caused?
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Well, everybody's going to tell you because of greedy bankers, but that's not really the case.
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Okay. Greedy bankers, bankers are always greedy. They're lions. Lions eat meat. The government left
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a lot of raw meat around and they ate it. The point here is many of these structural issues,
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we created ourselves. Remember when we had 18 to 20 trillion dollars of negative securities around
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the globe? That's when all these derivatives were born. And the central banks knew it. They knew
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that if you're a pension fund, for example, if you're a pension entity, you have long-term
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liabilities. When interest rates are negative, how can you possibly make a balance between your
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asset and your liabilities? They need to be matched. Hence, we grew a sea of derivatives to
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address that. And now we see who's starting to smoke. Some are going to start on fire. But the point
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here, Becky, is even though we all know what's wrong, I still agree with the professor at Wharton,
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I think in a year and a half, two years from now, prices will definitely be significantly lower
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because many of these structural issues cannot be fixed by the Fed. Only time will fix them.
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Energy won't be fixed in two years. And what's going on in Europe will not be fixed in two years.
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Yeah. And, you know, Jen, we were talking about last hour, things that matter to us,
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January 6th, these January 6th hearings. Democracy. Preserving Madisonian democracy.
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They matter to Americans. But if you if your grocery bills or prices are just absolutely
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exploding and they keep exploding. Health insurance. Health insurance doubling for a lot of Americans.
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It went exploding. If you're a young couple, you can't buy a house. You can't live anywhere.
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The market's insane. Interest rates through the roof. Suddenly, these issues that we're arguing
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about, that we're discussing, that do a matter to the future of American democracy. They're not
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quite so immediate in voters minds, are they? Yeah. I mean, I think people may feel like I'm not
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sure that I can afford to care about democracy. Right. I'm not sure that, you know, I can afford to
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care about these issues that are really that are otherwise very much on people's minds,
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like abortion and depending on what state you live in, whether or not democracy is really under
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threat. But OK, welcome. It is Thursday, 13 October in the year of 2022. Black Thursday,
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the last print before Election Day on inflation. And of course, we've got capital markets. I've got
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the brain trust of Cortez Navarro and Brat that we're going to get to. What you heard here now,
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I think, is reality checking. We have to be not just serious about this, but we have to, I think,
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bring war room of thinking to the mainstream media and really to the nation's capital, because
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there's finally the dawning realization among the political class and their cheerleaders on Wall
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Street, that this is a financial, an economic crisis and a financial crisis that has will be
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the greatest in American history. There's no doubt about that. And the day you start to see the
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cheerleaders, you know, Rick, the great Rick Santelli trying to put some logic into the cheerleaders
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over at CNBC. But even the professor at at Wharton had to tell Steve Leesman, hey, there's no good
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news here. And there's not going to be any good news for a couple of years. The interesting thing
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to the day was not just about the prints and the capital markets immediate reaction. It was about
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reality. As we've said, there's no magic wand here. There's none. This is a catastrophe of epic
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proportions. And it's going to take, we have a lot of carnage to go through, and it's going to take,
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they're going to have a lot of tough times. But the one thing, and that's what we want to finish
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that one clip, and we're going to come back to it. You have financial market capitulation.
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You know, Zero Hedge is saying right now, they've got a story that's saying how the markets are
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puking up the print on inflation here. Remember, futures overnight, Cortez and I watched this in
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Navarro. The Asian markets got crushed, got crushed. But then you had the futures, you had the gamblers
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with the hedge funds, your hedge, your pension fund money gambling going long. And as soon as the print
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came out on the inflation of another 40 year high, the market actually crashed, and those guys got
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wiped out. So you have financial market capitulation, particularly as it goes, you see
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bonds. It's like guys are saying, you know, I'm not listening to Jim Cramer, buy the dip anymore.
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I'm just getting out and going to cash. So you have financial market capitulation. We're not there
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yet. We're going to talk about that and about what it's going to mean to you personally,
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but into the country. But you're starting to see, I'll start with Cortez. Steve, you're starting to see
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the dawning on the mainstream media. And that's what we always focus on morning Mika in the morning,
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because that's the conventional wisdom of Washington. They set the conventional wisdom.
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And today they said, as we've said now for a year and a half, the January 6th thing is irrelevant.
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It's not relevant. We're preserving democracy. We're going to, the second hour, we're going to talk
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about the politics of this and what's happening. We're going to have an overwhelming victory here
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on November 8th. But make sure you understand this, this audience, as only the boardroom audience
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can understand, not just at the Biden regime end on the evening of November 8th with the vote,
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what even the cheerleaders of CNBC, it dawned on them today when they talk about two years or three
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years. The, whether it's Newsom, whoever's running in 2024, the Democrats are going to be really against
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headwinds because this carnage is going to take a couple of hard years to work through. Cortez,
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put it in perspective. I'll go to Navarro and Dr. Dave Bratt down at Liberty next. Tell us what
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your thoughts are this morning as you see this print, the last print before election day.
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Steve, you are correct that even the corporate media, which let's face it, acts as a PR machine
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for the Democratic Party, even those insufferable cheerleaders have to admit because the data is so
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continuously and persistently terrible that we have a systemic problem in this country right now with
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inflation. Steve, I traded interest rates and inflation for 25 years, day in and day out,
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month after month, pouring through these reports, going over them with a magnifying glass.
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I don't believe I have seen a report that is this awful in the details and in its scope before. I mean,
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it's truly that bad. This is a horrific report, particularly as it relates to, let me be specific
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here, as it relates to core inflation, because the commodity-based inflation, which is terrible and
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which is also persistent, that's relatively well known, what's going on at the grocery store and at
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the gas pump. But now we're entering this next phase of inflation, which is more services-based,
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a lot of it housing-generated. Rents rose in this report at an all-time high. The cost for shelter
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and rents at an all-time high. They have never risen as high. And hence, we have core inflation at a 40-year
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high. If we can show chart number one, I'd like to show this visually to folks because I think it's good
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for them to get a visual of just how insane this recent spike is. That chart goes back 25 years.
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That is the core inflation rate in the United States all the way back to the late 1990s. As you
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can see, for the most part, inflation has been very, very tame for decades in the United States
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until Joe Biden began his assault on American energy, his absolutely exorbitant borrowing and
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spending spree. And thirdly, there are three legs to his inflation explosion and needlessly
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escalated what should be an irrelevant regional struggle in the Black Sea and turned it into a
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global economic conflagration. Those three factors combined have created what you see right there on
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that chart, which is an absolute explosion higher in inflation, including core inflation. So it's no
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longer just a commodity story. The commodity story goes on, but it's even worse than that for a lot of
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people. And Steve, it's hard for me to exaggerate how bad this report is. I can't imagine, by the
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way, to connect with the politics. I can't imagine what I do for a living now. I no longer trade interest
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rates. What I do now is political messaging. I can't imagine what they can say on their side. There's
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no way that you could try to spin this. You're going to have, you're going to have, you're going
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to have Zen master Jean-Pierre just lying like she did yesterday. Good luck. No, but they're going to
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try to change the conversation. This is why everybody's got to be on the ramparts right now,
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because they have nothing to defend themselves with. And by the way, if you're a Hispanic American,
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if you're an African American, Asian American, and if you're under 35 years old and you've
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continued to vote for this, hey, it's a free country. You're free men and women. You do it. Hey,
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if you got, if you got a grief or a beef or a gripe and you think the Democrats solve that,
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hey, go with God. It's a free country and you're free men and women vote for what you want,
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but understand something, particularly people under 35 years old. You know what this report shows you
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and what's going to have to happen to get over top of this. You're going to lose a decade of your
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life financially. Everybody under 35, particularly people in college, coming out of college, all
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these college people running around, you know, social justice warriors. Well, social justice warrior,
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this, you are going to lose a decade of your financial and economic life of which you are never
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going to recover. You'll never recover from. You'll never recover from. I'm telling you right now,
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this is how serious it is. You will never recover from this. And Steve Cortez is right.
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You talk, you think we've got a problem with family formation right now? How it's pushed back
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because quite frankly, you know, women are sitting there going, hey, can the guy actually make enough
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money that we can have actually a life? You think family formation is bad right now? You ain't seen
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nothing yet. And for Madeline Peltz and the team over at Media Matters, she's saying you're using
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1990s jargon. We told you this day was coming for two years. Okay. We told you this day was coming
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and you're not doing a service. You may hate our politics. We don't care about that.
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You're not doing a service to the generation under 35 years old. This generation, this is the first
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time in American history we've ever wiped out a generation financially and economically. Not even
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the Great Depression was it going to be this bad. Let me go to Dr. Navarro. Dr. Peter Navarro,
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you've watched this intensely. You were the first guy to call stagflation, the first guy to call the
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market short. Give us your assessment on the worst print in American history about inflation, sir.
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Well, see, we're not just wiping out the young generation. We're wiping out the senior citizens
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Before you, just so we know what we're up against. September CPI comes out. It's an 8.2% overall
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number, the highest in 40 years. The core is the one that's troublesome, 6.6 per year. That's the one
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that's been less than a non-core because all the energy and food stuff. That one is now very robust.
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That's the one that should really scare you. Steve, you and I talk about real wages down 3%
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this year and food up 11%. Now, we've been talking about how stagflation is a combination of recession
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and inflation, and it leads to a situation where both stock prices and bond prices go down.
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So when you saw the gap down today yet again, once again, we see those prices going down at the same
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time. There's literally nowhere to hide. If you got that Barney clip at some point, play it for the
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audience because they're asking these meatheads. They're asking these meatheads, Steve, where do I
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put my money? It's like we've been telling them since last November to get the hell out of the
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market. We don't give them financial advice, but that's kind of the read. And they're still saying
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buy the dip on some of these shows. So what I'm seeing here is probably we've just picked up another
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10 Republican seats in the House if we can press this advantage because this is bad politics for the
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Democrats. And I think the Santelli thing was really telling because he used the S word.
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It's structural. This is all structural, Steve. But here's why we had, here's where I played that
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Santelli clip. We're going to go to break and we'll come back. We got a special, Mike Lindell is going
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to join us briefly. He is down in Florida doing a work of a charity and philanthropy that we want to
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make sure that we're supporting. We're going to go to Mike Lindell and then come back. But the reason I
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had Santelli, and this is the reason we don't give financial advice on the show. That's not what we
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do. We're kind of macro guys. But we do advise that everybody talk to your financial advisor or if you
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and the wife or the financial advisors get around the table and like go through things. Because, and
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Dave Brad will join us in the next segment. Right now I have up on Getter, Janet Yellen saying
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yesterday, we have a liquidity problem in the treasury market. They're not buying this crap. You look at what's
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happening in England right now. We are going to have, Jamie Dimon said it. Oh, it could be a
00:14:09.500
country. It could be the crisis. There is a sovereign debt crisis coming to the first world, not to Greece,
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not to sub-Saharan Africa, not to Asia, not the Thai bot. You have a financial crisis that is building
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a sovereign debt crisis that is coming to the United Kingdom, our mother country, and is coming to the
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United States of America. When he talks about those derivatives, rewind back to 2007. Okay.
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These hedge funds, these pension funds are so leveraged. You got so much crap in there
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right now based on a negative zero interest rate world. Stand by for very heavy rolls. Okay. Short break.
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Brad, Cortez, Navarro, Bannon in the war room. Next.
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You know what's never good? When your nation's supposed authority on economic policy completely
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misses the flashing red lights of impending inflation. Now, Treasury Secretary Janet Yellen
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has finally admitted, quote, there's been an unanticipated and large shocks to the economy
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that have boosted energy and food prices and supply bottlenecks that affected our economy badly
00:15:22.860
that I didn't, at the time, fully understand. End quote. You know who understands the real threat
00:15:30.540
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War Room Pandemic with Stephen K. Bannon. The epidemic is a demon and we cannot let this demon
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hide. War Room Pandemic. Here's your host, Stephen K. Bannon. Okay, we're hopeful because we're
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Christians, right, and Catholics and Christians. We always, the Judeo-Christian West is based upon,
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we understand that we're flawed, but we always keep, we always stay positive, particularly in
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tough times. We got tough times right now. Catholic Church, we call, I think, Corporal Works of Mercy.
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We've got Mike Lindell, great Mike Lindell. They left Minnesota the other night to go to South Florida
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to deliver some MyPillow products to people down there. Mike Lindell. Mike, are you in,
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are you in Fort Myers or Fort Myers Beach? Tell us where you are. We're in Fort Myers and I've been
00:17:15.200
here all morning, Steve. We were, I'm with Samaritan's Purse. They're amazing. They, uh, um, we, uh, we
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started out with prayer this morning about 6 a.m. and now we're going neighborhood by neighborhood.
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We're giving out my pillows, my Bible pillows, the children pillows, blankets, everyone that you
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can see behind us. They, uh, they're working on, uh, uh, just Samaritan's Purse is amazing, Steve.
00:17:38.280
They've, uh, they've been, uh, they're always there for, uh, um, every time there's a tragedy in our
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country and, uh, like the Surrey game. Samaritan's Purse is Franklin Graham's, uh, organization. I know
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they would, I, they went to Katrina. They went down with President Trump when Louisiana got hit.
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They, they're always kind of first on the ground, uh, with charitable works, correct? To help folks
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in these terrible tragedies. Absolutely. And they need volunteers. If anyone wants to volunteer
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at SamaritanPurse.org and they, uh, they, they're there when, you know, one of the things I'm finding
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out down here is like, this is already old news. It seems like, you know, people are going, you know,
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these people are going, yeah, they've forgotten about us. They've forgotten about Samaritan Purse.
00:18:19.800
Never forget. They're there for them. Uh, they're the first ones to get there and it seems like the last
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one to leave. Mike, what's the, what's the spirit of people down there? Then we know the devastation
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is kind of hard to comprehend. And, uh, you know, Florida's had so many people move down there. It's
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such a, it's such a, um, a state with real grit and determination. Uh, how, how are people handling
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this? What's the, what's the attitude on the ground? It's pretty, pretty amazing. They're pretty
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hopeful. Of course, when that, you know, I'm going, I'm going door to door and I'm in myself and
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they're, uh, um, they're happy to get my pillows. I know that and blankets and stuff. We brought them
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and, and, uh, they're asking me all kinds of questions. Is there, is there hope? Is there,
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is there, uh, Mike, keep going, keep fighting for our country. They said to tell you hello,
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Steve and your audience. And, uh, um, they thank you for everything you, uh, that you all been doing.
00:19:09.020
And, uh, it seems just, everybody's looking for hope and these guys got double hit. I know you just,
00:19:14.880
they're announcing, uh, this horrible economy news, uh, today. Um, and now these guys are double
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whacked. They got their, their lives or their physical things destroyed. And plus they're,
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you know, so they're, these guys having hope down here, if they can do it, anybody can right now.
00:19:31.300
What would be your assessment? Uh, you know, your Samaritan's Purse down there,
00:19:35.120
like the Franklin Graham organization, we'll make sure everybody, they're asking for volunteers.
00:19:38.740
So if you go to Samaritan's Purse, in fact, if my crack production team in Denver,
00:19:42.920
if we can pull Samaritan's Purse, this segment or next, and just, let's put it up on the screen.
00:19:47.880
Uh, Mike, as you go around, you're there on a corporate work of mercy to bring the blankets
00:19:52.640
and the pellets and the Bible pellets and to tell people, Hey, you haven't been forgotten. Uh,
00:19:57.240
we're there for you. But when you look around at the, at the overall bigger infrastructure changes,
00:20:01.940
how does it look? We're a couple of weeks out from that. Does it look like there's any progress
00:20:05.720
being made as power returned? Where do you, uh, from being on the ground, where do you think we stand?
00:20:10.320
Well, well, I don't know where they started from, but for me, I, you know, I don't know that I just
00:20:16.000
see progress like behind us. I've just watched a few of these, uh, you know, you see, they say,
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you know, you've got piles of stuff, they pour off and they're rebuilding, but, uh, the airport was
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still shut down in Naples out from 7 PM to 7 AM. And, uh, um, I guess, you know, from talking to
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everyone, they've done a lot in, in a few short weeks, but, uh, obviously this is going to take months
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and, uh, could take, could take even longer. Um, people don't realize the devastation that
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came comes along with a hurricane. Um, and, uh, in each one, each family's got a different story to
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tell and, uh, and, uh, each damage is different. And some people have insurance, some don't. And it's,
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uh, it's, um, it's just, uh, it's sad to see, but it's, uh, so it's enjoying for, I enjoy bringing
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people that, you know, the hope and, uh, you know, Steve, I'm always optimistic that it can be rebuilt
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and it can be, uh, um, we're going to get to a great place in our country. It's, we're just going
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through a lot right now. Let's talk about that. If you can give us a minute or two, uh, particularly
00:21:16.080
with the economic news today, we're going to have political news in the second half of the show, the,
00:21:20.240
the, the polling, you know, Ron Johnson's up six in Wisconsin, uh, but Rhode Island too,
00:21:26.560
we're up eight points in a, in a heavily democratic state, heavily democratic district across the
00:21:30.640
country, a surge. Where do people go on the Lindell TV? I want to talk about this cause for
00:21:35.520
America. Where do people go? Cause everybody wants to know, how do we secure this vote?
00:21:39.280
We don't want to be like 2020. We turned at 74 million votes and still Biden's at 1600 Pennsylvania
00:21:45.040
Avenue. Where do people go on your site right now to see how they can get actively personally
00:21:50.000
involved to make sure that we can secure this vote? Where do they go?
00:21:53.360
Yeah. Download the app, Frank speech, everybody download that app and then go to cause of America
00:21:59.760
on there and cause of America. Yeah, actually you could go cause of America, Missouri, search that.
00:22:05.040
They have a great plan that we're going to put up front center, but, um, all your information is
00:22:10.000
right there. And I encourage everybody, uh, I'm going to say this every day, right after the election,
00:22:14.480
vote in person. If you get sent a mail-in vote, a mail-in ballot, bring it with you to vote in
00:22:20.160
person. If they say you've already voted, go tell your sheriff, say, no, I have not voted.
00:22:24.720
Uh, bring a blue pen and, uh, it'd be, we've got to vote in person. You got to tell everyone,
00:22:29.600
you know, to get out and vote. Steve, all this stuff going on right now, you know, I'm so optimistic
00:22:34.400
because, um, the, uh, I was just in California and even there, everyone I talked to there is,
00:22:40.160
you know, this is bringing people to see the light, to see where common sense government,
00:22:44.960
it can be, can help everybody, but you get something what's going on right now. It can
00:22:49.600
destroy a country very fast. Mike, uh, send our best to all the, uh, everybody down in Florida,
00:22:57.680
particularly the war room posse down there. Uh, we've got their back and we're so proud and glad
00:23:02.240
that you're down there to help out. And also the Franklin Graham team at Samaritan's Purse.
00:23:06.160
Make sure you tell everybody there. Well, thanks Steven. I do want to say this too. We put this up on,
00:23:11.680
uh, on the war room square on my pillow.com. We put up all the pillows, the Bible pillows we're
00:23:16.320
giving out today and the, my pillows and the blankets. So they can get themselves one and
00:23:21.120
help support everything today using that promo code war room. We appreciate everything you guys do.
00:23:27.360
Thank you, Mike Lindell. Maybe we'll track you down in the afternoon show,
00:23:29.760
but thank you very much for joining us. Thank you. I tell you, this Florida thing is bad.
00:23:35.120
Look, can I play the Stuart Varney? I'm a loose, uh, Navarra. Can I play the Stuart Varney clip?
00:23:39.200
And then I want to bring in Peter for his assessment before he bounces. I'll get to
00:23:42.400
day bracket. Let's play Stuart Varney like this. Where'd you put your money? There's a temptation
00:23:47.280
to just sell everything. And you can understand in a moment like this, where people are upset,
00:23:52.400
they're looking at their 401ks. Uh, uh, the NASDAQ is down 35% year to date. Uh, selling is not
00:24:00.960
the solution. High quality, solid companies that actually have earnings, uh, many of which are now
00:24:07.600
trading, uh, in the mid teens multiples. We're talking about PEs of 13, 14, 15 times. That's
00:24:13.920
historically actually within the range, 14 to 17 times is the historic range. So you ask me,
00:24:19.840
what are you doing with your money? I'm not selling anything, but I am staying absolutely
00:24:24.320
long. These high quality companies, I have already sold the weaker, smaller ones. Um, and I have
00:24:30.160
rotating into higher. I can't, I can't take any more of the, the, the, I just can't take it in
00:24:36.240
of our Peter. So give me your assessment before I go to Dave Brad. I know we're going to lose you
00:24:40.640
where, where given where hang on January 20th of 2021, you and Cortez came in here immediately and
00:24:49.280
said, Hey, what this guy's done with energy on the first day, what he's doing, what these guys are
00:24:53.680
doing. Then the American recovery act, it was only Navarro Cortez Bannon and Larry Summers that said,
00:25:00.560
Hey, you're putting up $1.9 trillion in 19 Republican senators voted for it. When agrid demand
00:25:07.600
has come back, this is going to be explosive. Given where we started, talk to me about your
00:25:12.880
assessment of this print right now that you saw today. Well, it's the worst case possible because
00:25:21.680
it just confirms everything you and I and Cortez and Brat have been saying. And by the way, the
00:25:27.200
difference between us and Larry Summers is Larry Summers wants to cure stagflation by driving down
00:25:33.680
the real wages of the American workers. I mean, you take that smug Ivy league idiot on Varney. How does
00:25:40.480
it even get on the set at this point? And you stick him like without a wallet in Ohio. And like,
00:25:47.600
people are going to look at that guy like he's a Martian. I mean, the only place that that guy can
00:25:52.800
exist is in the suites of Manhattan, where they're just burning people's money like monkeys with
00:25:59.760
flamethrowers. This is criminal. Where do you put your money? Where do you put your money when you have
00:26:05.520
structural problems? Steve, these cable TV business networks, whether it's CNBC or Fox Business,
00:26:14.880
they just want to sell you down the river. And that's what they're doing. It's criminal that they don't
00:26:22.320
tell the truth about what's going on. And then they act surprised. How can anybody act surprised?
00:26:27.760
The Fed released minutes and said, we're surprised that what we're doing isn't working. Really?
00:26:34.720
So this is a situation where everything we've been saying is coming home to roost. The signal here is
00:26:43.760
November, win that frigging election, 100 seats for 100 years. Because if we don't do that, all hope
00:26:52.000
is lost. What is your social, by the way, if you don't win November, forget it, it's over. If you,
00:26:57.760
how to put social media, how do they get to the book? Yeah, yeah, yeah. Real P Navarro on Getter,
00:27:03.520
the Twitter killer. That's the way we want to be communicating. Go to peternovar.com,
00:27:08.560
learn about the Taking Back Trump's America book. It's the key to doing just that. Admiral,
00:27:14.480
carry on, sir. We've got a sinking ship today. Unfortunately, it's not ours, but it is this
00:27:20.320
country's right now. Thank you, brother. Appreciate it. Cortez, when we come back, you and Dave Bracken
00:27:25.760
stay with me. The solution that CNBC has talked about, you know what the solution is for our audience?
00:27:30.480
Here's the solution. You know what the solution is? Mass immigration. You know why? Those Democrats
00:27:37.040
on CNBC, they want to drive down working class wages. That's their solution. Literally,
00:27:43.520
they're sitting there and going, we've got to have mass immigration because we've got to break the back
00:27:48.320
of the working men in this country. They're the problem. I want you to understand that all this
00:27:52.500
carnage and everything that's going on, the Fed and all this fiscal domination of the political class,
00:27:57.000
you know what the problem is? The problem is African-Americans, Hispanic-Americans,
00:28:01.480
the white working class, you're the problem. You've had 18 months in a row of downed real wages,
00:28:07.240
but you're the problem. And they got a solution. More immigration. That's the solution.
00:28:16.440
We have proven that we need to be prepared. We constantly see government overreach,
00:28:27.240
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00:29:46.160
War Room Pandemic with Stephen K. Bannon. The epidemic is a demon, and we cannot let this demon
00:29:53.200
hide. War Room Pandemic. Here's your host, Stephen K. Bannon.
00:29:58.560
Okay, welcome back. The reason we focus so much on this, this is signal, not noise.
00:30:04.960
This sets the framework for so much that you want to try to accomplish in your life.
00:30:08.880
You know, your ability to have that time spiritually, the things that you want to do to develop
00:30:14.720
yourself, it's all within an economic framework. And the harder times are, the harder it is just to get
00:30:20.560
by. And particularly, people have saved up so much and being able to now, you know, enjoy the benefits
00:30:27.440
of it. It gets to be horrific. So here's what it is. What we're hurtling towards, and we've talked
00:30:34.560
about this, is a credit crisis. Not about stocks dropping. It's not about, that's all coming. But
00:30:41.280
it's something bigger. There's a credit crisis. And not just credits of corporations. Cortez done an
00:30:46.720
amazing job of talking about investment-grade bonds. That's the best companies in the world.
00:30:50.560
It's all money good, right? You buy that, and you clip the coupons, right? You get the returns,
00:30:55.680
right? And they're never huge because you're buying a quality credit. Well, what are those
00:30:59.360
down, 20%, 30%? You're getting wiped out in that. The crisis we're talking about is a sovereign debt
00:31:05.920
crisis. We're talking about governments. We're talking about governments that have had this thing
00:31:09.120
called fiscal domination. That means the political class spends and spends and spends,
00:31:14.800
and the central banks just print the money. They just print the money, continue to print the money,
00:31:18.800
okay? That game's coming to an end. It's coming to an end. We've warned about this, and now you can
00:31:24.560
see it's going to come to an end, and the carnage around that, you know, what Steve,
00:31:28.560
what Rick Santelli calls structural issues, structural issues are going to be massive.
00:31:35.680
In any bankruptcy, and this is what we're looking at, a prepackaged bankruptcy, a prepack. In a
00:31:41.360
bankruptcy, you have a creditors committee, right? The creditors committee kind of makes decisions.
00:31:45.120
It's no longer the management team. It's no longer the shareholders, because you're senior in the
00:31:49.280
capitalization table. The debt comes first, and then the equity. So when you have a crisis,
00:31:54.000
a prepack or a bankruptcy, the creditors take over. The accounts payable guys, and the junk bonds,
00:32:00.240
and the senior bank debt, that all forms a committee, and everybody gets a say, so everybody gets a seat at
00:32:03.840
the table, and they just kind of determine what's going on. Our country is bankrupt. It's bankrupt.
00:32:10.960
It's just absolutely bankrupt, and it's a business model that doesn't work. You can't fund this
00:32:15.840
anymore unless you continue to print money. It's just going to bury ourselves now in your own life
00:32:21.040
and bury future generations, okay? That creditors committee is going to be formed. It's going to be
00:32:26.560
formed politically. And here's the whole purpose of this show, is to make sure that MAGA, to make sure
00:32:34.320
that you, the deplorables, are not just on the creditors committee, but you essentially chair the
00:32:40.160
creditors committee. This is why November 8th, the sweeping victory, Alan Fung in Rhode Island 2,
00:32:48.800
Joe Kent in Washington 3, those seats in Oregon, the seats in the Rio Grande Valley,
00:32:53.600
the Hispanic Americans, right? This coalition we're putting together, when we start winning
00:32:58.960
these seats, seats in Maryland 6, we'll talk about all these seats we could win, the governorships in
00:33:04.320
these blues, the flipping Minnesota's house, flipping Nevada's house, flipping New Mexico's house.
00:33:09.120
When you do that, that is political power, raw political power, and it puts you as the chairman
00:33:16.320
of the creditors committee, right? Not Tucker Carlson, and not Donald Trump, and not Ron DeSantis,
00:33:21.680
and not Steve Bannon, and not you, you, and your wisdom and judgment. Get to have the leverage to
00:33:28.160
say, guess what? There's got to be a way, we're going to rethink this, and we're just not going to
00:33:33.840
take, we're just not going to get crushed anymore. Let me play, I'm going to bring Brad in for a second,
00:33:38.400
but let me play, Steve, I got to play, this is what the Wall Street intelligentsia,
00:33:46.480
the cheerleaders of this narrative that has broken this freaking country on the rack.
00:33:54.400
This is what they're saying this morning, this is in the worst print of inflation in the history of
00:34:00.440
this nation, the history of this nation. This is what they come up with today, play the immigration
00:34:06.400
part. I wanted to pivot the conversation to what Becky was talking about, is it working? I mean,
00:34:13.040
remember, the Fed pivoted in November, we've had tightening coming into this economy
00:34:17.600
for quite a while now, and whoever earlier was talking, Neil I guess was saying, we've gone from
00:34:22.640
zero to three at a speed that's faster than Joe's Porsche, right? And if you had an EV, it would be
00:34:29.680
even faster. If high rates aren't going to solve the structural problems, don't you need to start
00:34:34.880
thinking about supply side? But you can't solve structural problems overnight. It's even slower
00:34:39.280
than trying to solve the... Let me tell you something that I've not really reported as well
00:34:45.200
as I should have. The last two Fed surveys we did, do you want to know what the number one thing,
00:34:50.400
other than raising rates, that economists and strategists and forecasters said we should do to
00:34:55.040
reduce inflation? Fix the supply chain. Take a guess, no? Immigration reform. Boom! Winner,
00:35:01.600
winner, winner, chicken dinner right there. Immigration reform. The best thing we could
00:35:05.280
do right now, hire American workers, send them over to embassies overseas, start processing those
00:35:11.120
J1, B1, V1, T1, X1 visas, and increase the legal immigration supply to the United States.
00:35:18.480
You will find people on the right and the left who will say this, why they can't come together and
00:35:21.920
find some bipartisan agreement. You are so correct, Becky, because I have been talking to the Cato
00:35:26.400
Institute as my main source on this. Oh, Ryan was on yesterday talking about this. David,
00:35:29.920
I had to get his last name. David was telling me we are down an estimated one and a quarter.
00:35:35.520
Okay. Over our dead body, over our dead body, you're going to send thousands of guys to start
00:35:42.240
processing visas to break the American working class, the middle class. You think those kids
00:35:47.120
out of college are ever going to get any jobs? This is the same economist geniuses at the Fed that got
00:35:52.400
us in this mess. Let me tell CNBC, Becky Quick and Joe Kernan and Leisman and all of you,
00:35:58.400
over our dead body, will we ever let that happen? Never, never, never, never. And don't sit there
00:36:04.720
and tell me about the Open Borders Cato Institute like some big surprise, you freaking moron. We will
00:36:09.840
never let that happen. That is a line in the sand we will never allow to be crossed. Steve Cortez.
00:36:16.560
I'd like to deport Steve Leisman. Why don't we start there? That would be a good policy for
00:36:21.840
the United States. Look, the reality is the corporatists out there, the C-suite executives,
00:36:26.720
their cheerleaders in corporate media, fools like Steve Leisman, they do want to inundate this
00:36:31.600
country with even more cheap labor. Why? To try to save their bottom lines of the global
00:36:36.480
multinationals. The reality is an open border is terrible for many reasons. It jeopardizes our
00:36:42.000
national security, our street safety. But I think perhaps the most important reason is
00:36:46.560
of illegal workers are competing unjustly in the labor market today against American citizens
00:36:52.720
who are already suffering from the pain inflicted by Joe Biden, real wages down for 18 straight
00:36:59.760
months that has never happened before in American history. So I propose actually the precise opposite.
00:37:05.920
Not only do we have to get control of the border. I mean, that's an absolute necessity,
00:37:09.520
right? And this new Republican Congress that we're about to elect better get tough on that and better
00:37:14.320
tell Joe Biden, we will not spend dime one on your programs until you secure the border. But Steve,
00:37:19.760
I believe we need to go even further than that in an era of declining wages. We need a moratorium,
00:37:25.280
total pause on even legal immigration. Because let me fill Steve Leisman in. We don't do even legal
00:37:32.080
immigration very well in this country. According to the LA Times before the pandemic, okay? So when economic
00:37:37.920
times were still good, according to the LA Times, the majority of immigrant headed households in LA
00:37:44.240
County were on public assistance. Think about that. The majority of immigrant headed households in LA
00:37:50.560
County were on public assistance when times were good. The number is surely far worse now. So I'm not
00:37:56.000
anti legal immigration, but I do believe that we need a moratorium. We need to pause and we need to
00:38:01.200
figure out how to do it in a way that serves the interests of the United States citizens first and
00:38:05.440
foremost. I want to pull the camera back. In all the structural problems we have, in all the bad
00:38:12.240
decisions, in all the greed and contempt of Wall Street and the corporatists, all of it. And they're
00:38:17.840
talking about structural and they got the big long faces because now they understand that not just on
00:38:22.800
November 8th, but they're going to get wiped out in 24. They get it to the core of their being.
00:38:27.680
You know what their solution is? Their one solution, their one solution immediately is
00:38:33.360
flood the zone with immigration. And you think you've got a tough time competing and getting a
00:38:38.080
good job right now when Intel is going to have these massive layoffs. Yeah, they're going to have
00:38:41.680
layoffs everywhere. You know what the solution is? Let's bring it in. Yes, I'm talking about legal
00:38:46.080
immigration should be absolutely zero right now until you've had 18 months of declining wages.
00:38:52.240
Right. The problem here is not the wages of working class people in the middle class.
00:38:58.240
Understand. And if you don't understand they're out there to crush you, then we can't help you
00:39:04.240
anymore. You have to we've laid out the information in their own mouths. They say it and they say it
00:39:09.840
blatantly. The solution for every bad decision of capital markets of the Federal Reserve of these
00:39:17.200
governments, this mass spending, the Biden regime, the solution is the solution is sent tens of
00:39:23.840
thousands higher, tens of thousands of people to go to embassies and start printing visas immediately.
00:39:29.280
Leaseman over our dead body. I guarantee you we will never allow that.
00:39:35.280
And anybody out there can hear my voice that doesn't go in and throw these bums out on November
00:39:40.560
8th. And you deserve it. You absolutely you're free men and women. You can make free conscious
00:39:45.600
choices. And if abortion is your issue or democracy is your issue, God bless you. That's what a free
00:39:51.680
democracy is about. Then vote for that. But understand you're voting for your own economic destruction.
00:40:03.200
It's quite clear I've been following all the great heavy hitters on the economics and the charts and all
00:40:08.720
that. And I've got a new little spin. You know, it's kind of interesting. You were talking about
00:40:13.440
overnight looking at those charts and the futures were edging up a little bit. And then as soon as
00:40:18.880
the print came out, it, you know, nosedive, the charts all collapse instantly. And that in itself is
00:40:25.840
telling because even that's a moral lie, right? The idea that the charts are somehow going up a little
00:40:33.520
bit overnight. And then they collapse with a point one percent difference in the inflation prince is a
00:40:40.400
joke. Jamie Dimon came out last week. Inflation core is CPI is going at eight. The PPI, which is
00:40:48.720
even more problematic long term, is at eight percent. So inflation is at eight percent. It's 40 year highs.
00:40:54.480
You can see the plummeting graphs there. And that's what you guys have been talking about. But what the
00:40:59.520
American people have to have to come to realize is what you're talking about here. The left's
00:41:04.960
march through the institutions has crushed us across all of the institutions. The Federal Reserve
00:41:11.440
now is, I want to say a comedy, but it's not. It's a tragedy that's crushing the American people.
00:41:19.360
And so you got these news anchors that smile and look polite and they wear ties. But they're reporting
00:41:25.040
straight up to, you know, Darth Vader in the Death Star. And it's not funny. And the reason it's not
00:41:30.720
funny is because they're selling out their own country to China, to a totalitarian regime. They're
00:41:37.280
selling out your kids morally in all the terms you've been using on to show credit and trust and all these
00:41:43.920
things. All these things are, you know, biblically derived terms that come from the truth. And the
00:41:49.520
American people have been lied to in those charts this morning, the economic markets, the Jamie
00:41:56.000
Diamond, et cetera, comments. Jamie Diamond knows exactly what's going on. And he's probably really
00:42:02.080
what he's saying is he's just begging the Fed to do their pivot, as usual, to save who to save the
00:42:10.800
global elites, not the American people. Right. Slow down. Slow down. Slow down. Give me that again.
00:42:18.000
When when he was on CNBC and talked about the sovereign debt crisis like that, he was he was
00:42:23.840
actually talking to Powell saying, I'm the chairman of J.P. Morgan. We need you guys to come in here.
00:42:30.200
I need more easy money. Is that your assessment of that? Yes. And so in the in the Judeo-Christian
00:42:36.560
tradition, I mean, you don't have to be a rocket science. You know, I we just had a summit at liberty
00:42:41.360
and we're trying to help on a global level. We're trying to help Africa. Why? Because they're the
00:42:45.740
poorest of the poor. Well, Jamie Diamond, I'm sure you're listening out there. You know, I respect
00:42:50.080
your brain. I'm sure you've been morally educated. But in the future, you know, if you're doing God's
00:42:55.620
will on Earth, you might want to think about the poorest of the poor on the Earth. And if you can't
00:43:00.980
think that broadly, maybe maybe just the poorest of the poor of the United States and help them out
00:43:05.080
so that when you're begging for policy relief, it's some relief that helps the people and
00:43:10.260
policemen and all these jokers that that will crush the poorest of the here's how they want to
00:43:15.400
help the poor. So here's how they want to help the poorest of the poor. They're going to jack their
00:43:19.660
interest rates and they're going to flood the zone with cheap labor. That's how they're really
00:43:23.600
thinking of that. Hang on for one second. We got to go to break. But I want to come back. Janet Yellen.
00:43:27.700
We're going to talk about the credit crisis, because this is what's going to drive politics,
00:43:33.280
the economy and your life for the next couple of years. The coming credit crisis globally.
00:43:45.960
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Okay, welcome back. When I talk about creditors committee, I'm going to turn back to Cortez and
00:45:31.920
Brett here in a second. There's a couple of, there's an article on Reuters. Just go to my
00:45:37.060
getter account. Article on Reuters talking about the debt ceiling. The debt ceiling is going to be a huge
00:45:41.940
issue here shortly. Reuters is on top of that. Also, Janet Yellen said yesterday, there's a liquidity
00:45:48.040
problem. Liquidity is a fancy term for no money. There's no cash, right? You can't sell U.S.
00:45:54.900
government securities. They can't, they can't find buyers. Why can't they find buyers? Nobody wants
00:46:00.240
this crap anymore because they've seen the $31 trillion of face amount of debt. They've seen
00:46:04.960
the $9.5 trillion of the Federal Reserve, $40 trillion of debt on a company, on a country that's
00:46:09.860
going to run this CR, this appropriations bill, these games they played that Brad tells you all
00:46:14.760
about. Now, it's another trillion and a half dollar, $1.5 trillion deficit. They won't tell you that
00:46:20.560
because they play what kind of fancy, funny games, but that's what it's going to be because it's a
00:46:23.800
trillion dollar defense budget. You know why? Because part of it was shipping tens of billions of dollars
00:46:28.340
over to Ukraine, which has no relevance to the United States of America. Okay? I want those Intel
00:46:35.240
employees. When you get laid off today and you're not going to have a job for three or four years
00:46:39.100
when the cycle comes back, I want you to, you know, go to, I hope you got your Ukrainian flags
00:46:43.740
outside your house with Zelensky in these crooks, these oligarchs over and over in Ukraine, just
00:46:49.720
skimming it right off the top. Okay? You're going to be the creditors committee and this creditors
00:46:55.560
committee is going to have some very tough decisions because you've got a debt ceiling, you've got a
00:47:01.620
three and a half dollar deficit. And if you look at there as long as just do, this is not even
00:47:05.680
mathematics. This is just pure arithmetic. Okay? It's arithmetic. If you just do the gazentas,
00:47:12.240
this goes into that, you're going to see, you're very quickly going to be $50 trillion. Not that
00:47:17.940
the interest rates, because structurally we're not in a zero interest rate world anymore.
00:47:22.560
Modern monetary theory, guess what? AOC, guess what? You radicals, guess what? Mitch McConnell,
00:47:28.040
the 19 Republicans have voted for the American Recovery Act, Wall Street, the corporatists, CNBC,
00:47:33.980
all of you clowns that sat there on modern monetary theory. Deficits don't matter.
00:47:38.700
Deficits don't matter. We sat here. Yes, they do matter. Even Noah Rothman over at MSNBC. Noah
00:47:45.440
Rothman's got a piece. If we can pull that off my getter can, he's got a piece that says,
00:47:49.240
hey, guess what? The deficits and the debt are going to quickly become the leading,
00:47:54.320
the leading political issue in the United States of America. Okay? We had capitulation
00:48:00.580
this morning on Morning Mika. They capitulated finally. Because at one o'clock this afternoon,
00:48:06.040
it's the J6 hearing. Who gives a crap? The networks wouldn't take it. Cable's not going to take it.
00:48:11.460
They're not running. Politico's got a story. The second story on Politico, how the Democrats are not
00:48:16.000
advertising using the J6 committee at all. You know why? Because it pisses off the American people
00:48:21.520
even to hear about it right now. Right? When their wages are falling, there's nothing on the
00:48:26.100
shelves and they can't buy what's there. They can't make the car repossessed. And remember,
00:48:31.280
when Janet Yellen says there's no liquidity, how does that affect your life? Well, they got to jack
00:48:35.560
the interest rates up to sell it. Okay? When they jack those interest rates up on the 10-year
00:48:40.080
treasury and the two-year treasury, that's going to roll through to your credit. Every month, you're
00:48:44.560
going to look at your credit card statement. That's where it's going to roll through to your
00:48:47.280
mortgage payment, to your car payment, to your credit card payment. These things are
00:48:51.140
inextricably linked. And now it's come home to roost to the American people. The lies and
00:48:56.260
misrepresentations of the neoliberal neocons that had us everywhere on every battlefield spending
00:49:01.740
money, killing your kids. Right? Well, now it's all here. And it's in living color right there.
00:49:07.760
And they can't run away and they can't hide from it. You know why? Because MAGA is the head of the
00:49:12.780
creditors committee. And you're going to be head of the creditors committee and bang some heads.
00:49:16.360
Steve Cortez, how bad is this really, sir, for working class and middle class Americans?
00:49:21.620
It is absolutely terrible. Okay? And people like Steve Leisman, the intelligentsia of the
00:49:26.840
Acela Corridor, who reside in New York newsrooms and Washington, D.C., K Street lobbying offices,
00:49:33.280
they have no idea. They live in their bubble and they are indifferent to the plight of working
00:49:38.000
class Americans. But let's talk, Steve, about the reality for middle and lower income folks of the
00:49:43.240
bills that they have to pay. And I literally call it my have to basket. If we can pull up
00:49:47.880
chart two here. And this is from today's inflation report. This is the absolute latest data on gasoline,
00:49:54.200
groceries, and utilities. Three things that every single human being must pay for to live in the
00:49:59.860
United States of America. Gasoline up 18%. Groceries up 13%. Utilities up 33% year over year. Put together
00:50:08.620
this basket, the half-two basket, up 21%. Up 21%. Steve, let me be just very blunt about this, okay?
00:50:18.060
The American people cannot sustain this. The only way that they've sustained it so far is through
00:50:22.100
ballooning credit card debt. That's always a dangerous game, but it's particularly a dangerous
00:50:26.520
game when interest rates are soaring and that credit card debt becomes totally unsustainable
00:50:31.040
just to finance the debt that they've built up. But let me be very clear here, Steve. If this
00:50:35.100
continues, it's not just economic pain. We risk social instability. According to Bloomberg, not
00:50:41.860
according to Steve Cortez, according to Bloomberg News, we are facing a, quote, tsunami of shutoffs of
00:50:47.320
power for millions and millions of Americans. So, Steve, the consequences here could be very dire.
00:50:53.060
In the United States, we're an incredibly dynamic country. We have tremendous energy and creativity
00:50:58.320
and vitality, but there's a flip side of that. Okay? We're not a docile people. We're not the
00:51:02.080
Japanese. We're not the Swiss. And if this kind of economic pain persists for the most basic
00:51:06.880
necessities of life, for gasoline and groceries and utilities, Steve, I am telling you, I've made a
00:51:11.620
lot of bold predictions. I've been right on almost all of them. We have the risk of real social
00:51:16.640
instability in this country if this continues. Big time. When Becky Quick and these people are talking
00:51:21.340
about structural changes, it could take years. Note to CNBC, people aren't going to wait years.
00:51:28.980
Okay? They're not going to be destroyed before your eyes. They're not going to wait. They don't
00:51:33.340
have time to wait. You guys took 20, 30, 40 years to get here. Now we got structural problems
00:51:37.800
so that the Fed, you know, the zero interest rates, we got structural issues. It could take
00:51:41.640
a couple of years. All of a sudden, it's two years, three years. Hey, guess what? They're not going
00:51:46.520
to wait. They're not going to wait. You got to understand. I mean, once they shut off the
00:51:53.100
The cars, the cars repose. Right now, you see personal savings collapsing because people
00:51:57.500
go in the savings account to live. The other thing they're doing is they're using their
00:52:00.540
own credit right above the equity. They're doing what they're doing is borrowing. And these
00:52:04.960
rates are going to explode. This is what's going to happen. You have trillion dollar interest
00:52:09.900
payments on our own debt. And your own personal debt is going to explode. Cortez, how do people
00:52:15.760
get to you? Where do they go to find your great writings and analysis?
00:52:19.440
Yeah, please find me. And I do have a new Substack article. Find me on the getter at Steve. It links
00:52:24.100
to my Substack there. And I'm also still on the Twitter at Cortez, Steve Cortez of the Mass.
00:52:28.640
By the way, we got to have that have to basket. That's got to be, we got to brand that. We got to
00:52:32.760
trademark that. It's because it's important. It cuts through the nonsense. Okay. Brad's going to stick
00:52:38.900
with me. We got a lot of politics to go through, some more economics. And we're going to talk about
00:52:43.520
this red tsunami. What does it mean? How is it going to be delivered? And most importantly,
00:52:48.380
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